This study measures the efficiency of public secondary education expenditure in 35 developing and developed countries using a two-step semi-parametric DEA (data envelopment analysis) methodology. First, we implement two cross-country frontier models for the 2009-2012 period: one using a physical...

We build a model of firm-level innovation, productivity growth and reallocation featuring endogenous entry and exit. A new and central economic force is the selection between highand low-type firms, which differ in terms of their innovative capacity. We estimate the parameters of the model using...

After initial investments, relationship financiers typically observe interim information about projects before continuing financing them. Meanwhile, entrepreneurs produce information endogenously and issue securities to incumbent insider and competitive outsider investors. In such persuasion...

Empirical research often cites observed choice responses to variation that shifts expected discounted future utilities, but not current utilities, as an intuitive source of information on time preferences. We study the identification of dynamic discrete choice models under such economically...

We examine trends in the productivity of the pharmaceutical sector over the past three decades. Motivated by Ricardo's insight that productivity and rents are endogenous to demand when inputs are scarce, we examine the industry's aggregate R&D production function. Using exogenous demand shocks...

This paper finds that a 10 μg/m3 increase in airborne particulate matter (PM10) reduces life expectancy by 0.64 years (95% CI: 0.21, 1.07). This estimate is derived from quasi-experimental variation in PM10 generated by China's Huai River Policy, which provides free or heavily subsidized coal...

We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards, building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters, and uncertainty....